Internet banking could become a thing of history, this is because of the huge appeal that mobile banking has amongst customers.
A renowned explanation why mobile banking has become so widely used nowadays, is that it makes banking a whole lot more convenient than it ever has been before. Gone are the days where you have to go down to your local branch with all your security information, or even having to be at home with your computer. Today you can access your account wherever you are from your mobile phone, and this ease of access has to be one of the best mobile banking features for most people. These apps are generally far more user-friendly than anything we’ve seen previously, making it easier than ever to send and receive money from friends and relatives. As well as all this, you no longer just get your bank statement through the mail at the end of the month, you can access it at any point from your smartphone. This is great for extra safety, as it means you can flag any abnormal activity the moment it occurs, rather than having to trawl through a entire month of transactions. Those like the investors in Barclays Bank will hopefully be working on more excellent features like these.
Something that you will observe across all types of mobile banking is how they have started to combine with other companies to give consumers more control over their money. This entails banks working with budgeting applications, so consumers can keep track of their spending each month. It's quite likely that one of the main investors in Bank of America knows how renowned these new collaborations are with consumers.
One of the reasons that consumers now choose mobile banking to internet banking, is the increased security that it provides you with. Online banking normally just needs consumers to enter their password to access their account, whereas mobile banking currently makes use of biometrics which provides much more security. This is among the best mobile banking features, as it’s exceptionally crucial for people to keep their money as safe as they can. If you choose to investigate mobile banking apps, you will also find extra safety functions within the application, such as assorted options you can toggle. For instance, you can temporarily freeze your card if you believe you’ve lost it; this saves you having to terminate the card only to find it a couple of hours later! Added protection features like these give consumers a great deal more control over their card and account, which has been pretty well received. There’s a good chance that the activist shareholder in Bank of East Asia is knowledgeable about this, and will be working towards more safety features in the coming years.